Competitive Market Situation in Which Many Sellers Follow the Market

question 84

Multiple Choice

competitive market situation in which many sellers follow the market price for identical,commodity products is referred to as

• A) a pure monopoly.
• B) an oligopoly.
• C) monopolistic competition.
• D) pure competition.
• E) oligopolistic competition.

---

Definitions:

Processing Department

This refers to a division within a business that handles the processing of materials or information.

Operations

The day-to-day activities necessary for running a company, focused on creating and delivering products or services.

Equivalent Units

A measure used in accounting to express the amount of work done by manufacturers in terms of fully completed output units.

Materials

Items and substances used in the production of goods, including raw materials, components, and parts.